Hyderabad: Bharat Dynamics Limited (BDL), a Government of India enterprise under the Ministry of Defence, announced its unaudited financial results for the third quarter (Q3) and nine months ended 31 December 2025. The company also declared an interim dividend of ₹4.50 per equity share (face value ₹5) for FY 2025-26, with the record date set as 9 February 2026.
Q3 FY26 Financial Performance
BDL reported strong operational performance in Q3 FY26, achieving:
- Revenue from Operations: ₹566.63 crore
- Profit Before Tax (PBT): ₹103.18 crore
- Profit After Tax (PAT): ₹72.92 crore (up 22% compared to Q3 FY25 adjusted figures)
- Earnings Per Share (EPS): ₹1.99 (not annualized)
Total expenses for the quarter stood at ₹560.62 crore, with key components including:
- Cost of Materials Consumed: ₹463.84 crore
- Employee Benefits Expense: ₹137.70 crore
- Other Expenses: ₹71.45 crore
- Depreciation & Amortisation: ₹19.30 crore
Read also: Bharat Dynamics Ltd Secures ₹2,461.62 Crore Defence Orders from Indian Army for ATGMs and SAMs
Nine-Month FY26 Highlights
For the period from April to December 2025, BDL reported:
- Total Income: ₹2,266.19 crore
- Profit After Tax (PAT): ₹307.16 crore
- Earnings Per Share (EPS): ₹8.38 (not annualized)
The results reflect continued execution of the company’s defence production contracts and growth in overall business operations.
Interim Dividend Announcement
The BDL Board declared a generous interim dividend of ₹4.50 per share for FY 2025-26. Shareholders eligible for the dividend must hold shares as of the record date: 9 February 2026.
Impact of New Labour Codes
Following the Government of India’s notification of four new Labour Codes in November 2025, BDL assessed an additional liability of ₹44.75 crore related to revised employee benefit definitions. This provision has been incorporated into the financial statements for the period.
Inventory and Strategic Investments
- Inventory: BDL holds non-moving inventory worth ₹83.31 crore, procured against orders that were later curtailed. However, advances received against these contracts (₹362.34 crore) exceed the total value of the assets, so no redundancy provision was made.
- Strategic Investments: BDL has invested in two Section 8 not-for-profit companies—Advanced Materials (Defence) Testing Foundation and Electronic Warfare (Defence) Testing Foundation—to strengthen India’s defence testing infrastructure. These investments are not consolidated in the financials.
Board and Auditor Review
The financial results were approved by the Board of Directors, chaired by Cmde A. Madhavarao (Retd.), in a meeting held from 12:30 PM to 2:30 PM on 31 January 2026. The results underwent a limited review by statutory auditors, Tej Raj & Pal, Chartered Accountants, with an emphasis of matter regarding non-moving inventory.
About Bharat Dynamics Limited
Bharat Dynamics Limited (BDL) is a leading defence manufacturing company in India, operating under the Ministry of Defence. Established to produce guided missiles and allied defence equipment, BDL plays a vital role in strengthening India’s defence capabilities through advanced manufacturing, strategic investments, and timely execution of defence contracts.
